Bitcoin ATM scammers stole $65 million in first half of 2024

Illustration of the Bitcoin symbol on a blue and orange polka dot background.
Image: Nick Barclay / The Verge

People are losing a lot more money to Bitcoin ATM scams. In a report released on Tuesday, the Federal Trade Commission said it found the amount of money lost to Bitcoin ATM scams increased nearly 10 times from 2020 to 2023 — going from $12 million to a whopping $114 million. Consumers have already lost $65 million to the ruse in the first half of 2024 alone.

Over the years, scams have evolved into different versions of pretty much the same thing: schemes that trick victims into paying scammers. We’ve seen bad actors trick people into sending wire transfers, buying gift cards, and even handing over a pile of cash in a shoebox. This is the Bitcoin ATM variation.

Bitcoin ATMs are the physical machines that you can use to purchase or sell...

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